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Mittal, Arcelor Clash on Strategy
In Takeover Battle

By

Paul Glader

Updated March 10, 2006 12:01 a.m. ET

Leaders of Mittal Steel Co. and Arcelor SA, locked in a hostile takeover battle, are putting forth sharply different visions for how their respective companies should expand amid a growing wave of industry consolidation.

Mittal, which launched an &euro;18.8 billion ($22.4 billion) bid for Arcelor on Jan. 27, is emphasizing scale. Already the world's largest steelmaker by production, Mittal recently proclaimed its goal is to grow into a behemoth capable of churning out some 200 million metric tons of steel a year by 2015,...